Siemens AG

Q3 performance (record momentum) + demand drivers - Group delivered a record Q3 with book-to-bill 1.34 and order backlog to a record EUR 132bn. - Group orders hit EUR 27.9bn (+14% YoY); Smart Infrastructure (SI) first-time topping EUR 8bn order intake. - Demand strength driven by cloud/AI infrastructure build-out and ongoing investment cycles; SI data center showed triple-digit order growth (again topping Q2). - Revenue grew +8% YoY, with all regions contributing (Americas +11%, Asia/Pacific +10%, EMEA +6%).

Digital Industries (DI): healthy growth, strong software, outlook confirmed - DI Q3 orders EUR 4.9bn (+9% YoY), book-to-bill 0.98. - Automation orders +11% (book-to-bill 1.01); software orders ~EUR 1.7bn (software +5% YoY in Q3). - Profitability improved: DI margin 18.7% (benefits from EDA mix, Altair + Dotmatics integration, and economies of scale); integration costs ~70 bps. - Forecast (DI confirmed): FY26 revenue growth 7–10% and profit margin 17–19%. - Q4 DI expectation: orders ~prior year level on tough comps; automation orders clearly up, software orders below last year’s record; FY Q4 revenue growth 5–7%, margin flat sequentially (mix).

Smart Infrastructure (SI): very strong order intake, margin expansion, raised guidance - SI Q3 orders EUR 8.0bn (+42% YoY), book-to-bill 1.25; backlog EUR 23.7bn. - Revenue +13% YoY; largest contributions from Electrification (+20%) and Electrical Products (+18%). - Margin: SI margin up 120 bps to 20%; tariff refunds helped, but e-mobility charging impairment offset part of the gains. Net effect referenced as ~50 bps, implying operational margin ~19.5%. - Forecast (SI raised): FY26 revenue growth 10–11% (up 150 bps at midpoint) and profit margin 18.5–19.5% (up 50 bps at midpoint). - Q4 SI expectation: revenue growth toward lower end of full-year range; margin in line with full-year expectations.